Based on the analysis of the definition of life quality from domestic and foreign perspective，this paper points out that the life quality of the elderly is their objective living conditions and survival state under certain social conditions and cultural value system，as well as their subjective feelings about the objective living conditions and survival state. This paper constructs a theoretical framework for the life quality of the elderly，and holds that “need” is the initial motivation of the elder’s evaluation for their life quality，the satisfaction of the elder’s needs is achieved through the possession，enjoyment and consumption of external resources，which will ultimately produce two objective results：objective external living conditions and survival stat. The elder’s subjective feelings for the life quality depends on the gap between the expected living conditions，survival state and the actual living conditions，survival state. The social demographic characteristics，values and reference standards of the elderly affect their subjective feelings by influencing expectations. At the same time，this paper makes theoretical assumptions and predictions on the basic issues，such as the life quality and economic development，the life quality of the elderly and the life quality of the whole population，the life quality and the life quantity，the issue on the elderly and the elder’s life quality，the strategies of the elderly to improve their own life quality，and the particularity of improving elder’s life quality in China.